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UCS - Results Of Repurchase Of Ordinary Shares In Terms Of A General Authority
UCS Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/002253/06)
Share code: UCS
ISIN: ZAE000016150
("UCS" or "the Company")
RESULTS OF REPURCHASE OF ORDINARY SHARES IN TERMS OF A GENERAL AUTHORITY
1. INTRODUCTION
The directors of UCS are authorised to announce the repurchase of a
further, cumulative, 3.30% of the UCS ordinary shares on the JSE
Securities Exchange South Africa ("JSE") ("the repurchase"). This
repurchase was in accordance with the general authority granted to the
directors at the annual general meeting held on 24 January 2001 and
renewed on 19 January 2002.
2. RESULTS OF THE REPURCHASE
The details of the repurchase are as follows:
Dates of the repurchase: 8 February 2002 to
15 July 2002
Highest price paid during the 78 cents
repurchase period:
Lowest price paid during the 65 cents
repurchase period:
Number of ordinary shares 9 002 063
repurchased:
Value of ordinary shares R 6 585 782.49
repurchased:
Extent of authority outstanding: 37 245 599
ordinary shares
representing
13.66% of the
original issued
share capital
3. OPINIONS
Repurchases to date have been funded from available cash resources and future
repurchases will be funded from available cash.
The directors of UCS have considered the impact of the repurchase and are of the
unanimous opinion that for a period of twelve months from the date of this
announcement:
- the company and the Group will be able, in the ordinary course of business, to
pay their debts as they become due;
- the assets of the company and the group will be in excess of the liabilities
of the company and the group, the assets and liabilities being recognised and
measured in accordance with the accounting policies used in the latest audited
annual Group financial statements;
- the working capital resources of the company and the Group will be adequate
for their current and foreseeable future business requirements; and
- the issued share capital and/or reserves are adequate for the purposes of the
business of the company and the Group for the foreseeable future without taking
into account any further acquisitions.
4. FINANCIAL EFFECTS
The table below sets out the financial effects of the repurchase on UCS`s
earnings, headline earnings, net asset value per share and tangible net asset
value per share for the six months ended 31 March 2002
Before After %
change
Earnings per share 4.54 4.69 3,3
(cents)
Headline earnings per 4.99 5.16 3,4
share (cents)
Net asset value per share 67.93 67.76 -0,3
(cents)
Tangible net asset value 55.68 55.09 -1,1
per share (cents)
Number of ordinary shares 272 700 263 698 -3,3
in issue (000`s)
The accounting policies employed by the group for the six months ended
31 March 2002 have been applied in calculating the financial effects.
The financial effects have been calculated based on the following assumptions:
The shares are bought back and held as treasury shares by a subsidiary company
of UCS, such shares shall not be cancelled nor the share capital reduced.
However, for the purpose of calculating earnings per share, headline earnings
per shares, net asset value per share and net tangible asset value per share,
the number of shares in issue after the repurchase by the subsidiary has been
reduced by the number of shares repurchased.
5. LISTING ON THE JSE
As the 9 902 063 shares have been bought back by a subsidiary of UCS and not by
the company itself, no application will be made to the JSE for the termination
of the listing of the repurchased ordinary shares in UCS.
Johannesburg
16 July 2002
SPONSOR
BARNARD JACOBS MELLET CORPORATE FINANCE
(PTY) LIMITED
Date: 16/07/2002 05:25:00 PM Produced by the JSE SENS Department
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